Eurozone: Unemployment in November falls to lowest level in over four years
January 7, 2016
The Eurozone labor market continues to strengthen. The number of unemployed fell by 130,000 workers in November. The print followed a decrease of 76,000 jobseekers, which continues to signal a gradual recovery in the labor market. According to Eurostat, the unemployment rate in November was 10.5%, which came in slightly below the 10.6% rate in October and represented the lowest reading since October 2011.
Almost all Eurozone economies saw an improvement in November. That said, wide divergences persist in the labor market between core European economies and the peripheral ones. Greece is by far the economy in the Eurozone with the highest unemployment rate (24.5%). Meanwhile, Spain and Cyprus have seen a gradual improvement. However, they are following on the heels of Greece with the highest unemployment rates in the region, at 21.4% and 15.8%, respectively.
On the other end of the range, Germany (4.5%), Malta (5.1%) and Austria (5.8%) have the lowest unemployment rates in the Eurozone. Among the remaining major economies, Italy had the highest unemployment rate with 11.3%, followed by France with 10.1%.
Author: Ricardo Aceves, Senior Economist